I am in the planning stages of selling some shares I have in my mutual fund. It may be something I do relatively soon but it may not be. The mutual fund I have uses an average cost method as the cost basis method. Also the shares I would be selling would likely be noncovered. I've had this fund for awhile but never have sold anything at all.
My question is if these shares are noncovered, how I will report the average cost basis method to the IRS? Will I do it via a 8949? Can it be done via Turbotax?
I am a novice investor but I am trying to minimize my tax liability. I think once I figure this part out, I will have greater confidence when I get to selling these shares.
Any help is appreciated!
